Within 11 months.. about 150 trillion dinars, Iraq’s revenues last year

Shafaq News / The Iraqi Ministry of Finance revealed, on Thursday, that the state’s revenues during the past year amounted to nearly 150 trillion dinars, and a financial surplus exceeded 55 trillion dinars, within 11 months.

According to tables and data issued by the ministry, and followed by Shafaq News agency, the accounts of the Iraqi state, from January 2022 until November of the same year, amounted to 149 trillion and 556 billion and 392 million and 918 thousand and 861 dinars, which represents 95% of the total revenues.

And it showed that the total expenditures with advances amounted to 93 trillion and 859 billion and 526 million dinars.

According to the finance table, the budget surplus until last October amounted to 55 trillion, 696 billion and 866 million dinars (equivalent to 38.040 billion dollars).

For his part, the financial expert, Muhammad al-Hassani, stressed in an interview with Shafaq News agency, “the need to invest the financial surplus in developing industry and agriculture and supporting the foundations of the real private sector, to operate factories and factories.”

And that “this guarantees the solution of several problems existing in the Iraqi economy, including unemployment and corruption, in both its financial and administrative aspects.”

He added, “Oil prices are affected by global demand, which in turn is affected by global economic, political and health fluctuations,” expecting that “the surplus may not be available to Iraq during the current year 2023 or next year, according to the data of international financial institutions that are pessimistic towards the global economy.”

The Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, had confirmed in March 2021, in an interview with Shafaq News agency, that the reasons for the survival of the Iraqi economy as a rentier go back to the wars and the imposition of the economic blockade during the past era, and the political conflicts we are witnessing today, which led to the dispersal of economic resources.

And the continuation of the Iraqi state relying on oil as the sole source of the general budget puts Iraq in danger from global crises that occur from time to time due to the oil being affected by it, which makes Iraq tend every time to cover the deficit by borrowing from abroad or internally, and thus indicates the inability to manage State funds effectively, and the inability to find alternative financing solutions.

Shafaq.com